{"id":279547,"date":"2011-02-24T03:59:02","date_gmt":"2011-02-24T03:59:02","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/24\/oil-prices-climb-to-highs-in-asia\/"},"modified":"2011-02-24T03:59:02","modified_gmt":"2011-02-24T03:59:02","slug":"oil-prices-climb-to-highs-in-asia","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/24\/oil-prices-climb-to-highs-in-asia\/","title":{"rendered":"Oil prices climb to highs in Asia"},"content":{"rendered":"

\n \t\t
\n 23 February 2011<\/span>
\nLast updated at <\/span>22:59 ET<\/span>
\n<\/span><\/p>\n

Oil prices continue to push higher, hitting their highest levels in two-and-a-half years, amid fears the unrest in Libya could spread to larger oil producing nations.<\/p>\n

Brent crude rose 1.4% to $112.80 a barrel in Asian trade, while US light crude was up about 1% at $99.19. <\/p>\n

The last time prices were this high was back in October 2008, and analysts said more gains may be on the way.<\/p>\n

The high oil price weighed on Asian stock markets, and trading was mixed. <\/p>\n

Japan’s Nikkei 225 index lost 0.7%. Singapore’s STI index, Hong Kong’s Hang Seng and South Korea’s KOSPI were little changed. In Taiwan, the main index added almost 1%. <\/p>\n

More supply<\/span><\/p>\n

Oil prices have been rising for months, but the uprising in Libya has caused a sharp increase in crude costs.<\/p>\n

Libya is the world’s 12th-largest exporter of oil, with the majority of its output going to Europe. <\/p>\n

Continue reading the main story<\/a><\/p>\n

\t<\/p>\n

\t<\/p>\n

Supply concerns were amplified after French oil giant Total said it has started to shut down its oil operations in Libya.<\/p>\n

Other oil companies have made similar moves in recent days.<\/p>\n

Barclays Capital estimates that so far about 1 million barrels per day of production has been shut down. <\/p>\n

The International Energy Agency and Saudi Arabia have promised to increase supplies in order to cover any shortfalls.<\/p>\n

Tax effect<\/span><\/p>\n

However, that has not eased the tensions in the oil markets.<\/p>\n

Analysts said there are worries that oil prices may keep climbing, pushing up the cost of fuel and food. <\/p>\n

That would hit consumers in the pocket and would result in slower economic growth and weaker corporate earnings. <\/p>\n

“It would nail the economy,” said Mark Zandi of Moody’s Analytics.<\/p>\n<\/p><\/div>\n<\/p>\n

Follow this link:
\nOil prices climb to highs in Asia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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